Euro Technical Major Currencies (2009-10-26)

By IBT Staff Reporter On 10/26/09 AT 12:59 AM

Morning Report

The pair started today's trading with some upside potential, yet we see on the hourly charts that the pair failed to close above 1.5045 or 1.5065, which resulted in a reversal to the downside where the stochastic indicator is showing a bearish crossover supporting the correctional decline. The pair does need a slight correction to the downside, despite the medium term trend remaining to the upside, where a breach of 1.4985 will confirm our expectations for today for a decline on the intraday basis.

The trading range for today is among the key support at 1.4710 and the key resistance at 1.5280

The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000

Support

1.5010

1.4985

1.4955

1.4860

1.4815

Resistance

1.5045

1.5065

1.5155

1.5205

1.5280

Recommendation

Based on the charts and explanations above, our opinion is selling the pair from 1.5030 to 1.4925 and stop loss above 1.5110 might be appropriate.